1 Oct 2014
NZD/USD consolidates abve 0.78, dependable on AUD flows
FXStreet (Bali) - NZD/USD has been in consolidation mode ever since the sharp fall in response to the confirmation that the RBNZ had been intervening in a falling NZD market during the month of August.
With the US NFP looming near - due on Friday -, and no NZ economic data of note until the next GDT milk auction tomorrow, today's Asian moves will be largely dependable on AUD/USD flows, which may see some mid to high volatility as China PMI and Australian retail sales numbers are released at 1 GMT and 1.30 GMT respectively.
According to Jim Langlands, Founder at FXCharts: "The downside will find decent support at 0.7701 (50% of 0.6560/0.8842), a break of which would head to the 24 June 2013 low at 0.7682. Below there is minor support at 0.7660 but realistically there is nothing to hold Kiwi up until May 2012 low which is down at 0.7452 and the 61.8 % Fibo support of 0.6560/0.8842 at 0.7430. The topside needs to take out the session 0.7830 high, beyond which could see a run to the 100 HMA at 0.7865 and then on to 0.7900."
With the US NFP looming near - due on Friday -, and no NZ economic data of note until the next GDT milk auction tomorrow, today's Asian moves will be largely dependable on AUD/USD flows, which may see some mid to high volatility as China PMI and Australian retail sales numbers are released at 1 GMT and 1.30 GMT respectively.
According to Jim Langlands, Founder at FXCharts: "The downside will find decent support at 0.7701 (50% of 0.6560/0.8842), a break of which would head to the 24 June 2013 low at 0.7682. Below there is minor support at 0.7660 but realistically there is nothing to hold Kiwi up until May 2012 low which is down at 0.7452 and the 61.8 % Fibo support of 0.6560/0.8842 at 0.7430. The topside needs to take out the session 0.7830 high, beyond which could see a run to the 100 HMA at 0.7865 and then on to 0.7900."